The Central Bank of Sri Lanka (CBSL), with a view of facilitating the development of emerging electronic payment mechanisms whilst promoting safety, efficiency and reliability of such mechanisms, has been engaged in providing guidance through building up a regulatory framework for innovative payment systems. Accordingly, in the context of the financial industry exploring and introducing mobile phone based payment applications, CBSL, as the initial step of regularizing the mobile phone based payment systems, issued Mobile Payments Guidelines No. 1 of 2011 for the Bank-led Mobile Payment Services to be complied by banks operating mobile payment systems. As a further measure to broaden the regulatory framework relating to mobile phone based payments and provide guidance to service providers operating custodian account based mobile payment systems, these guidelines are issued by the CBSL to be adhered to, by such service providers.
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